Social Capital, the venture capital firm led by podcaster and former Facebook executive Chamath Palihapitiya, fired two of its partners related to an undisclosed matter involving its investment in AI startup Groq Inc., Fortune reports,
The firm “became aware of a situation” last week, and after conducting an internal probe it hired Wachtell, Lipton, Rosen & Katz to investigate the matter, according to a letter Palihapitiya sent to investors that was reviewed by Bloomberg. “On Sunday night we terminated Jay Zaveri and Ravi Tanuku,” Palihapitiya said in the letter.
While the firm has declined to elaborate on the reasons for the firings, one person familiar with the matter said that it stemmed from perceived breaches of company policy.
Social Capital spent recent years at the forefront of the SPAC boom. Read more.
